Wednesday, February 15, 2012

Life Lessons From Mark Cuban

Few entrepreneurs appreciate the value of marketing more than Mark Cuban. The owner of the world champion Dallas Mavericks, this outspoken billionaire regularly keeps in touch with his fans through Twitter and on Grab a courtside seat as he shares his frank insights on how to succeed in business.

It’s not about the Idea
A true man of action, Cuban believes ideas are secondary. “EVERYONE has ideas,” he says. “The hard part is doing the homework to know if the idea could work in an industry, then doing the preparation to be able to execute on the idea.”

Go to the customer
Cuban understands that even the greatest business plan will fail if you don’t connect with customers. “[You must] go to where the customers are rather than bringing customers to you,” he says. “Surprise me by being somewhere I don’t expect you to be.” Cuban has done just that by selling books, DVDs and movie soundtracks at all of his Landmark Theatres. It’s a simple idea that has made him millions.

Customers will let you know if you’ve gone too far
How do you know when you’ve gone too far with a particular idea? Cuban believes you’ll know by looking at your revenues. “Your customers will vote with their pocketbooks,” he explains. “If you go too far, they will tell you.”

Communicate with your customers
Whether chatting with fans during timeouts or responding to emails, Cuban has always made an effort to stay connected with his customers. “[You must] communicate with your fans or customers,” he insists. “They know we live in an ever changing world. If you tell them what you are thinking and why you are doing what you do... they will respect and support you more. Just be sure to be brutally honest.”

Make things easy on your customers
“In a world of so many choices, people are going to take the path of least resistance and do the things that are easy and enjoyable for them,” Cuban explains. “Make your product easier to buy than your competition, or you will find your customers buying from them, not you.”